Executive summary 9 Conclusions − The market for cobots is a fast-growing sector in the global economy and presents potential for specialty insurers. The large traditional robot – challenging to design, make and maintain – is being replaced with cobots that have voice recognition, are linked to industrial IoT, can be set up in half a day, use open-sourced code and can optimise around libraries of algorithms with learning capabilities and in many cases, are more mobile and agile. − The adoption of cobots is opening up a new world of commercial possibility for developers, suppliers, users and insurers, at the same time as creating new risks, some of which may be unknown today. Other risks will reduce and change. This will necessitate innovation in both existing and new lines of business. − Safety is the main concern and number one barrier to adoption, followed by issues of trust and acceptance (which are closely related to safety). These will require research into safety technologies, but also engagement and upskilling of stakeholders as lack of knowledge is the main barrier to uptake of automation, followed by the bespoke nature of products and concerns about the length of time to get a return on investment. This also relates to the issue about who has responsibility – it is not just safety technology that is required, but knowledge and training of users. − The report shows how the adoption of cobots is currently constrained by safety, security, liability and physical risks. By helping insureds identify the risks and by setting out ways to mitigate them, insurance could help increase and speed up cobot adoption. − The report suggests robotics designers and manufacturers, systems integrators and users should work with the insurance industry to mitigate and transfer the risks associated with robotics more fully. By leading in this space, the insurance sector will acquire the necessary knowledge to provide insureds with guidance on cobots best practices, thereby shaping the ecosystem in which they operate and the product offering. − To conclude, predicting how rapidly robot and AI technology will be adopted and implemented will occur is difficult, but it is highly likely cobots will play a significant role in transforming many industries, sectors and regions across the world in the next 5 years and beyond. Insurers can facilitate this growth by working with sectors to develop the products and services they need. Taking control: robots and risk